Crude Oil: WTI Continues Bearish Path Beneath $24 Price Level


USDWTI Price Analysis – March 19

Amid many attempts so far this Thursday to expand the recovery momentum beyond the $24 price level, WTI (oil futures on NYMEX) has entered a consolidated mode over the last few hours as investors evaluate the efficacy of the new global stimulus steps to counter the economic impact of the coronavirus outbreak.

Key Levels
Resistance Levels: $33.60, $30.21, $27.40
Support Levels: $20.08, $15.00, $10.00

USDWTI Long term Trend: Bearish

WT trades at $23.00 level at the time of writing, having reached a daily high of $24.00 in early Asia, + 13.68 percent. WTI’s barrel plummeted at Wednesday’s session to $20.54 level, the lowest rate seen in 17 years, losing almost 25 percent regularly.

There was a slight upside reversal after selling as low as level $20.54. Nonetheless, the market struggled to clear the $24.00 area and topped close to the same level, the market could check the $15.00 support level or $10.00 region if there is a downside break below the $20.54 range.

USDWTI Short term Trend: Bearish

Looking at WTIUSD’s 4-hour chart, the market opened at a low volume and traded beneath the $27.40 and $25.00 support level turned resistance level.

Besides, there could be a break higher than the price level of $25.00 where it may settle well past the moving average (5 and 13, 4-hours), and to start a strong recovery wave, the price must rise past the level of resistance of $30.00 and then advance past the level of $33.60.

Instrument: USDWTI
Order: Sell
Entry price: $24.00
Stop: $29.11
Target: $15.00

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.